Skip to main content

Cyber Insurance (Individual)

 

                                                                Cyber Insurance (Individual)

Mobile Phones are the latest companions and a minute away from the phone is an impossible proposition for every person today.  This often involves hectic social media activity which invites risks from unknown quarters by ‘’Cyber experts’’ and unauthorized sites. Cyber Insurance for individuals is the new policy in the retail segment which cover such risks  with affordable  premiums

What is the cover?

Section I:

Unauthorized transaction: Insurer shall pay the Insured, up to the limit mentioned in the Policy Schedule, for Insured’s direct financial loss arising out of:

·         Theft of funds due to an Unauthorized Transaction, and first occurring during the Policy Period and reported to Bank / debit or credit card issuer/mobile or digital wallet, as the case may be, and Insurer, within 48 hours upon discovery (and in any case during the Policy Period) of such transaction.

·         As a consequence of Insured being a victim of a Cyber Incident or Hacking, provided that the Insured report to the issuing bank or the Mobile Wallet company within 48 hours after discovery of the Theft of Funds.

·         Theft of funds arising due to unauthorized access, malicious act or malware phishing, spoofing stand covered.

Section II:

Online purchase transactions: Insurer will reimburse Insured for his/her Direct and Pure Financial Loss due to transactions on the internet via payment card or Mobile Wallet that he/she has been dishonestly induced to enter by a Third Party by electronic means to make a purchase of goods or services which are not delivered or rendered; provided that:

Insured can show that he/she has made reasonable attempts to seek a

·         Recovery or refund from the Third Party and/or seller of the goods and services to indemnify him/her for his/her financial loss;

·         The fraud event is reported by insured to his/her card issuer or bank or other relevant entity within 48 hours of discovery by him/her;

·         Insured card issuer or bank or other relevant entity refuses in writing to reimburse his/her for transactions made by him/her as a result of the fraud.

Sum Insured & Premium: There are four options of sum insured (SI):

Option I - SI Rs. 15,000 - ₹ 375 +GST

Option II - SI Rs. 25,000 - ₹ 500 +GST

Option III - SI Rs. 50,000 - ₹ 750 +GST

Option IV - SI Rs. 1,00,000 - ₹ 1000 +GST

 

 

 

Smart phones need smart cover and the Cyber Insurance Individual is ideally suited to mitigate fraud

by expert hackers and fraudsters.

Zen Insurance offers assistance for specialized covers to suit individual needs.

 

Disclaimer:   

Zen Insurance is an IRDAI registered broker which facilitates quick & accurate insurance broking services. We deal with only regulator approved products of insurers. We do not underwrite the products

 

 

Comments

Post a Comment

Popular posts from this blog

Insurance in a Time of Conflict: The Truth About War Risk Coverage

  In the wake of the recent confrontation between India and Pakistan through Operation Sindoor, a question in the minds of those with an insurance policy was if their policy will cover war-related damages. Our clients were no exception; we got queries on insurance coverage for wars during this period. War seemed a remote possibility until Operation Sindoor, but this operation made everyone believe that war was a reality and prompted the exploration of insurance coverage for such an incident.  In this blog, we will explore the coverage for war in insurance policies. War Coverage in Insurance Policies Most insurance policies—whether for property, auto, life, health, or travel—include a war exclusion clause . This clause denies coverage for losses or damages resulting directly or indirectly from war, invasion, civil unrest, rebellion, insurrection, or military action. Importantly, this exclusion generally applies even if war is not officially declared. Declared Wars: When...
Post a Comment
Read more

AOG (Act of God) Perils Extension in CGLpolicies

      A OG (Act of God) Perils Extension in Commercial General Liability (CGL) policies refers to the inclusion of natural and unpredictable events under the coverage of the policy. AOG perils are events beyond human control, often caused by natural forces, and their inclusion can significantly broaden the scope of a standard CGL policy. These perils are not covered automatically in a CGL but have to be purchased separately as an add-on. Let us look at this aspect of CGL policies in more detail. Indian firms looking to buy a CGL policy should ideally opt for an AOG perils extension because the country is geographically prone to various natural disasters such as earthquakes, cyclones, and floods. Including AOG perils in a CGL policy will help businesses in disaster -prone areas to protect against liabilities arising from damage or injury caused during such events. AOG Perils covered in a CGL policy Earthquake Floods (including inundation, cloudburst, etc.)...
Post a Comment
Read more

Understanding Duty to Defend and Right to Defend in Liability Insurance in India

  In a liability insurance policy, the insurance company has the duty and also the right to defend the insured. The cost involved in defending the insured does not affect the policy limits provided the policy does not state otherwise. This rule is useful because in many cases the defense costs are high when a judicial trail is involved. In some cases, the defense costs can be higher than the claim amount making the defense part of the policy more valuable. Defense costs can be higher than the claim amount particularly in nuisance cases. These are situations where a case is made against the insured party even though the liability is low. The coverage of a claim under a liability policy can vary based on the duty to defend or right to defend clause. Before buying a liability policy, one should know the difference between duty to defend and right to defend and the obligations of the insurer under each wording. Duty to defend Under the duty to defend provision in a liability in...
Post a Comment
Read more